Scientex Bhd, a packaging manufacturer and property developer, is building its seventh township on a 388.5-hectare plot of land in Tebrau, Johor Bahru, which it has proposed to buy for RM518.1 million.
Scientex’s Chief Executive Officer, Lim Peng Jin, said in a statement that the company is eager to expand its property development footprint in Johor after developing six townships in Pasir Gudang, Kulai, Skudai, Pulai, Senai, and Kota Tinggi.
As a result, through its wholly-owned subsidiary Scientex Quatari Sdn Bhd, the company has entered into a sale and purchase agreement with Pelangi Sdn Bhd to acquire eight parcels of freehold property.
Scientex plans to build a mixed-use development on the site, with a gross development value (GDV) that has yet to be calculated, according to a release.
The Estate Land Board and the Malaysian Prime Minister’s Department’s Economic Planning Unit must also approve the planned land acquisition.
Internal funds plus bank loans will be used to fund the purchase.
The group’s total landbank across Johor, Melaka, Selangor, Perak, Penang, and Kedah will grow from approximately 2,523 hectares to about 2,913 hectares once the proposed land purchase is completed, along with other ongoing land acquisitions.
Scientex’s ongoing property ventures in Johor, Melaka, Selangor, Perak, and Penang are currently valued at RM2.3 billion in total GDV. –